James River amends, restates revolvers for $315 million due in 2026

By Wendy Van Sickle

Columbus, Ohio, July 12 – James River Group Holdings, Ltd. and JRG Reinsurance Co., Ltd. amended and restated their credit agreement with KeyBank NA as administrative agent on July 7 to provide for a $212.5 million unsecured revolver available for general corporate purposes and a $102.5 million secured revolver available for the issuance of letters of credit, according to an 8-K filing with the Securities and Exchange Commission.

The amounts are unchanged by the amendment and restatement of the credit agreement, but the maturity date has been pushed to July 7, 2026 from Nov. 8, 2024 and the applicable interest rate and letter-of-credit fees were increased. Borrowings now bear interest at SOFR+ 10 basis points CSA plus a leverage ratio-based margin that ranges from 150 bps to 187.5 bps, and the commitment fee ranges from 15 bps to 30 bps.

There continues to be an accordion feature that permits up to $100 million in additional secured or unsecured commitments.

KeyBank and Truist Securities, Inc. are joint bookrunners and joint lead arrangers. Truist Bank is the syndication agent.

Based in Pembroke, Bermuda, James River Group owns and operates a group of specialty insurance and reinsurance companies.

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